Bittrex Inc. Bittrex Inc. officially announced on Friday that it would shut down its U.S. domestic operations on April 30th after nine years of operation due to an unstable regulatory environment.

The End of Bittrex Inc. & U.S. Regulations Chapter

American cryptocurrency exchange Bittrex Inc. published an official press release on Friday that revealed it will be winding down domestic operations in the United States of America, citing “no longer feasible” regulations as a major cause.

The exchange stated that non-U.S. customers are unaffected and stressed that U.S. customer funds were safe and should be withdrawn on or before April 30th.

In a tweet, Bittrex CEO, Richie Lai, expressed his disappointment with the American policy role in making its region less appealing for crypto and blockchain development, which will undoubtedly be a catalyst for exponential economic growth.

In his statement, he stressed that Bittrex’s nine years of operation in the United States region had endured non-feasible regulatory policies, which have created an unfair economic environment to thrive.

He added that there had been a lack of willingness to foster “sensible policies” and change the narrative to suit proper growth.

As detailed in the press release, while policymakers and regulators in diverse jurisdictions worldwide have integrated accommodating frameworks to work with crypto exchanges and their innovations on shaping the future of the global economy and its entirety, the U.S. counterparts are lacking.

It appears that frameworks in America are designed and fully committed to extinguishing the crypto industry and exiling them to other regions.

Lai expressed his gratitude to all U.S. customers and team in the last bittersweet nine years of operation.

However, Bittrex will officially end all trading operations for U.S. investors on April 30th.

Lai and his co-founder assets remain commited to growing Bittrex Global, which provides trading services to customers outside the region of the U.S. only.

With Bittrex, global customers will be provided with a safe, transparent, secure, and legitimate exchange to navigate the crypto market seamlessly.

The cryptocurrency exchange industry remains uncertain due to alleged “harsh and non-feasible” policy frameworks.

In the last quarter of 2022, Nexo, a reputable United Kingdom exchange, released a press release similar to that of Bittrex.

The UK-based exchange announced it is set to depart from the United States of America gradually due to “inconsistent and changing positions among states and federal regulators.”

Prior to the announcement, Nexo offered crypto products and services to investors and traders based in the U.S. for eighteen months, which came to a dead end due to harsh regulations; hence, the regrettable but necessary decision to gradually part ways.

U.S. Regulators – A New Frontier for Crypto Exchanges Growth

Bittrex’s official announcement to leave the United States of America and dig at its regulators may, perhaps, be the toughest and latest crackdown on the crypto industry.

The company agreed to pay a fine of $29 million to settle several enforcement cases with U.S. regulatory authorities for alleged violations of laws against oversea countries, including Cuba, Iran, and Syria.

In recent months, the U.S. Securities and Exchange Commission (SEC), amongst other regulatory bodies, has hit many American-based crypto companies with litigations and fines, with Kraken being the latest victim.

On March 22nd, SEC also filed a petition against Coinbase, the biggest crypto exchange in the United States, over the alleged offering of staking rewards on products yet to be registered. Crypto experts assert that enforcement action will likely set in soon.

On Monday, Binance, the most popular and largest crypto exchange in daily trading volume, was notified of a lawsuit from Commodity Futures Trading Commission (CFTC) over the alleged violation and derivatives policies.

With Bittrex being the latest crackdown, the competence and stability of U.S. regulations are questioned by upcoming crypto startups looking for the best region to thrive in.

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